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JP Morgan’s Wall Street chief talks China and bitcoin and is preparing for a big downturn in stocks

“An Argentinean who spent much of his early career in volatile emerging markets, Pinto, 55, began at J.P. Morgan Chase in 1983 as a currency trader in Buenos Aires” writes Simon Dawson for cnbc.com. In 2014, he was named head of the firm’s corporate and investment bank, the world’s biggest by revenue. Source: cnbc.com Share This:

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Crypto News 

Exclusive: Behind the Scenes of JP Morgan’s New Blockchain Plan

“In an exclusive conversation with Finance Magnates, a source from JPMorgan Chase has confirmed that the firm is developing a blockchain-based syndicated debt trading platform to be used internally” reports financemagnates.com. Despite JPMorgan Chase’s rather longstanding interest in blockchain, CEO Jamie Dimon was long recognized as one of the most outspoken critics of blockchain technology and Bitcoin in particular.JPMorgan Chase also reportedly developed a blockchain-based platform called “Quorum” over two years ago with a similar goal; the firm considered establishing Quorum as a separate legal entity in March of this…

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Markets News Regulators 

JP Morgan’s Dimon says market may be underestimating chance that Fed will have to act more quickly

“The Trump administration has also tried to rip up or abandon global trade agreements, though recently it has softened its stance” writes Liz Moyer for cnbc.com. The last month has been dominated by headlines about U.S. tariffs on foreign goods and a global trade war, particularly with China, erupting over the protectionist policies.”It is reasonable to worry about what would happen if these funds went into large liquidation,” Dimon wrote. Source: cnbc.com Share This:

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News 

JP Morgan’s trading business got a boost from volatility and client activity this year

“This year’s market activity, including the upheaval earlier this month, has translated into strong business for J. P. Morgan Chase” writes Liz Moyer for cnbc.com. Current economic and business conditions indicate that recession isn’t likely around the corner, according to J. P. Morgan Chase CFO Marianne Lake, who also spoke at the meeting.Last month, J. P. Morgan reported fourth quarter profit that beat expectations despite a $2.4 billion charge related to tax cuts and a challenging trading environment in its investment bank. Source: cnbc.com Share This:

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Markets News Regulators 

A $470 billion investment chief at JPMorgan tells us ‘the US is losing its fiscal discipline’ — and he says that’s huge risk for markets

“And then if you any sort of fiscal stimulus from the budget that’s going to add more to earnings” writes Pedro Nicolaci Da for businessinsider.com. “We just see from our position the flow of money coming in from Asia and Europe into the US market,” he said.So I think that’s what we have to watch in the next couple of years, is the growth in earnings versus the rise of interest rates.That’s putting enough upward pressure on US interest rates to shake the stock market out of a prolonged bullish…

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News Stocks 

JP Morgan releases analyst focus list, highlights top stock picks

“J.P. Morgan asks its analysts to select their top three stock picks each month, targeted to one of the following investment tactics: The bank released its latest investing ideas to its clients on Thursday, highlighting what it sees as the best stocks for the month ahead” writes Yuri Gripas for cnbc.com. “The investment ideas we provide are tailored to these selected strategies and, as such, may vary from J.P. Morgan’s fundamental ratings,” analyst Nicholas Rosato Jr. wrote to clients.Six names were added to the analyst focus list while three have…

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JP Morgan’s Jamie Dimon to Dodd-Frank defenders: Don’t hurt the public just to hurt our stock price

“Dimon has advocated revisions to the 2010 Dodd-Frank financial reform law and other post-crisis regulations on banks” writes Joseph Lawler for washingtonexaminer.com. Wall Street’s aims for rolling back the new financial rules are modest, he said.”None of the major banks I know are talking about throwing out Dodd-Frank, going back to the good old times or even going back to proprietary trading,” he said.In June, House Republicans passed a sweeping overhaul of financial regulations that they argued amounted to a conservative replacement of Dodd-Frank that big banks wouldn’t want.JPMorgan Chase…

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Kinder Morgan’s Trans Mountain to See Little Major Work This Year

“CALGARY, Alberta (Reuters) – Little major construction will happen on Kinder Morgan Canada Ltd’s Trans Mountain pipeline expansion this year although construction remains on schedule to begin in September, company President Ian Anderson said on Wednesday” writes Reuters Editorial for reuters.com. The company said it expects the Trans Mountain pipeline expansion to be on schedule to be in service by the end of 2019. Source: reuters.com Share This:

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J.P. Morgan’s Dimon says ‘bad policies’ stalling U.S. economic growth

“Shares of J.P. Morgan JPM, +0.64% were trading 1.6% lower despite reporting second-quarter results that beat expectations, as investors focused on a trading slowdown” writes Mark Decambre for marketwatch.com. Dimon said continued gridlock may not further weigh on growth but said better policies could deliver a jolt higher to the economy.”We have to focus on policy that is good for all Americans,” Dimon said speaking Friday morning on a call with reportrs to discuss second-quarter earnings. Source: marketwatch.com Share This:

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